U.S. federal budget, deficit and national debt

Federal debt

$39.46T Q2 2026 · was 7.9% in Q1 2026

Total public debt is everything the federal government owes, including debt held by the public and debt held by government trust funds such as Social Security. This series is reported at the end of each quarter.

Federal debt to GDP

+0.0 pt Q1 2026 vs. Q4 2025

This ratio compares total federal debt with the size of the economy. It is a common way to judge how heavy the debt is relative to the nation's income.

Federal budget deficit

+$0.04T FY 2025 vs. FY 2024

This is the federal budget balance for each fiscal year, which runs from October through September. A negative number is a deficit: the government spent more than it collected.

Monthly federal budget balance

+$139.9B Sep 2026 vs. Aug 2026

This is the federal government surplus or deficit for each month, from the Treasury's Monthly Treasury Statement. Monthly numbers swing with tax deadlines, so compare the same month across years.

Federal receipts (fiscal year)

+6.4% FY 2025 vs. FY 2024

This is total federal revenue for each fiscal year, which runs from October through September, from the Office of Management and Budget.

Federal outlays (fiscal year)

+4.1% FY 2025 vs. FY 2024

This is total federal spending for each fiscal year, from the Office of Management and Budget.

Federal deficit as % of GDP

+0.4 pt 2025 vs. 2024

This is the federal budget surplus or deficit for each fiscal year as a share of GDP. Measuring it against the size of the economy makes different decades comparable.

Federal debt held by the public

+0.8% Q2 2026 vs. Q1 2026

Debt held by the public is federal debt owned by investors outside the federal government, including the Federal Reserve and foreign buyers. It leaves out debt the government owes to its own trust funds, such as Social Security.

Federal debt held by foreign investors

$9.36T Q1 2026 · was 7.5% in Q4 2025

This is the amount of U.S. federal debt held by foreign and international investors, including foreign central banks.

Federal debt held by the Fed

$4.78T Q2 2026 · was 3.0% in Q1 2026

This is the amount of federal debt held by Federal Reserve Banks. It grows when the Fed buys Treasury securities and shrinks when it lets them mature without replacing them.

Federal interest payments

$1.28T Q2 2026 · was 7.0% in Q1 2026

This is interest the federal government pays on its debt, from the national accounts, at a seasonally adjusted annual rate. It rises when debt grows or interest rates go up.